The Australian Reserve Bank board member Roger Corbett said today that raising interest rates will depend on the strength of consumer spending and economic expansion, while he added that the stimulus package will recede. He added that how consumer demand can withstand the absence of stimulus packages will be a main factor to determine how quickly the economy will grow.

Worth mentioning that Mr. Stevens, the Reserve Bank governor, said this month that raising interest rates will be necessary in a specific stage as the economy is rebounding, while monetary policy makers said that the reserve bank needs to balance the risk of increasing inflation versus pressuring demand and confidence before it determines when to raise the nation's benchmark.